Barclays PLC Purchases 35,417 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Barclays PLC boosted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 88.1% in the third quarter, Holdings Channel reports. The institutional investor owned 75,620 shares of the company’s stock after buying an additional 35,417 shares during the period. Barclays PLC’s holdings in Allegro MicroSystems were worth $1,761,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ALGM. FMR LLC increased its stake in shares of Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after buying an additional 8,534,089 shares during the period. Wellington Management Group LLP bought a new stake in Allegro MicroSystems in the third quarter valued at approximately $71,289,000. State Street Corp increased its position in Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after purchasing an additional 1,615,351 shares during the period. Geode Capital Management LLC raised its holdings in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares during the last quarter. Finally, Loomis Sayles & Co. L P acquired a new position in shares of Allegro MicroSystems in the 3rd quarter worth approximately $18,269,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ALGM shares. Barclays decreased their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC lowered their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. Finally, Wells Fargo & Company initiated coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.09.

Allegro MicroSystems Stock Down 3.0 %

Shares of NASDAQ:ALGM opened at $22.96 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. Allegro MicroSystems, Inc. has a 52-week low of $18.59 and a 52-week high of $33.26. The business’s 50 day simple moving average is $21.67 and its two-hundred day simple moving average is $23.38. The firm has a market cap of $4.22 billion, a P/E ratio of -163.99 and a beta of 1.65.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same period in the prior year, the firm earned $0.36 earnings per share. Allegro MicroSystems’s revenue for the quarter was down 32.0% on a year-over-year basis.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.50% of the company’s stock.

Allegro MicroSystems Profile

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.